Tyson Foods anticipates meat production will shrink
Tyson Foods anticipates meat production will shrink
Global meat giant, Tyson Foods was reported by the Wall Street Journal recently as forecasting that US meat production will continue to shrink this year, which will keep prices on the up and mean a challenging environment for foodservice sectors.
Chief executive, Donnie Smith, said: “Maybe we are seeing a legitimate shift from red meat into chicken.” Sales growth in the retail area has been static in America and so meat producers are reliant on the foodservice market. Smith predicted that too would remain static this year.
The Wall Street Journal reported that Tyson’s chicken business had seen operating income climb from $32 million 12 months ago to $107 million. Read more here.
